|
|
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
||
|
|
|
|
||
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐
|
||
|
|
☒
|
Smaller reporting company
|
|
||
|
Emerging growth company
|
|
||||
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
|
☐
|
||||
|
Pages
|
||
|
Item 1.
|
Financial Statements
(unaudited)
|
|
|
Item 2.
|
||
|
Item 3.
|
||
|
Item 4.
|
||
|
Item 1.
|
||
|
Item 1A.
|
||
|
Item 2.
|
||
|
Item 3.
|
||
|
Item 4.
|
||
|
Item 5.
|
||
|
Item 6.
|
||
|
•
|
our ability to successfully compete in highly competitive markets;
|
|
•
|
our ability to effectively manage our growth and maintain and improve our corporate culture;
|
|
•
|
our expectations regarding financial performance, including but not limited to revenue, Adjusted Net Revenue, potential profitability, ability to generate positive Adjusted EBITDA, expenses, and other results of operations;
|
|
•
|
our expectations regarding future operating performance, including but not limited to our expectations regarding future Monthly Active Platform Consumers ("MAPCs"), Trips, Gross Bookings, and Take Rate;
|
|
•
|
our expectations regarding our competitors’ use of incentives and promotions, our competitors’ ability to raise capital, and the effects of such incentives and promotions on our growth and results of operations;
|
|
•
|
our anticipated investments in new products and offerings, and the effect of these investments on our results of operations;
|
|
•
|
our anticipated capital expenditures and our estimates regarding our capital requirements;
|
|
•
|
our ability to close the acquisition of Careem and to integrate Careem and any future acquisitions into our operations;
|
|
•
|
anticipated technology trends and developments and our ability to address those trends and developments with our products and offerings;
|
|
•
|
the size of our addressable markets, market share, category positions, and market trends, including our ability to grow our business in the six countries we have identified as near-term priorities;
|
|
•
|
the safety, affordability, and convenience of our platform and our offerings;
|
|
•
|
our ability to identify, recruit, and retain skilled personnel, including key members of senior management;
|
|
•
|
our expected growth in the number of platform users, and our ability to promote our brand and attract and retain platform users;
|
|
•
|
our ability to maintain, protect, and enhance our intellectual property rights;
|
|
•
|
our ability to introduce new products and offerings and enhance existing products and offerings;
|
|
•
|
our ability to successfully enter into new geographies, expand our presence in countries in which we are limited by regulatory restrictions, and manage our international expansion;
|
|
•
|
our ability to successfully renew licenses to operate our business in certain jurisdictions;
|
|
•
|
the availability of capital to grow our business;
|
|
•
|
our ability to meet the requirements of our existing debt;
|
|
•
|
our ability to prevent disturbance to our information technology systems;
|
|
•
|
our ability to successfully defend litigation brought against us;
|
|
•
|
our ability to comply with existing, modified, or new laws and regulations applying to our business; and
|
|
•
|
our ability to implement, maintain, and improve our internal control over financial reporting.
|
|
|
|
As of December 31, 2018
|
|
As of September 30, 2019
|
||||
|
Assets
|
|
|
|
|
||||
|
Cash and cash equivalents
|
|
$
|
|
|
|
$
|
|
|
|
Restricted cash and cash equivalents
|
|
|
|
|
|
|
||
|
Accounts receivable, net of allowance of $34 and $40, respectively
|
|
|
|
|
|
|
||
|
Prepaid expenses and other current assets
|
|
|
|
|
|
|
||
|
Assets held for sale
|
|
|
|
|
|
|
||
|
Total current assets
|
|
|
|
|
|
|
||
|
Restricted cash and cash equivalents
|
|
|
|
|
|
|
||
|
Investments
|
|
|
|
|
|
|
||
|
Equity method investments
|
|
|
|
|
|
|
||
|
Property and equipment, net
|
|
|
|
|
|
|
||
|
Operating lease right-of-use assets
|
|
—
|
|
|
|
|
||
|
Intangible assets, net
|
|
|
|
|
|
|
||
|
Goodwill
|
|
|
|
|
|
|
||
|
Other assets
|
|
|
|
|
|
|
||
|
Total assets
|
|
$
|
|
|
|
$
|
|
|
|
Liabilities, mezzanine equity and equity (deficit)
|
|
|
|
|
||||
|
Accounts payable
|
|
$
|
|
|
|
$
|
|
|
|
Short-term insurance reserves
|
|
|
|
|
|
|
||
|
Operating lease liabilities, current
|
|
—
|
|
|
|
|
||
|
Accrued and other current liabilities
|
|
|
|
|
|
|
||
|
Liabilities held for sale
|
|
|
|
|
|
|
||
|
Total current liabilities
|
|
|
|
|
|
|
||
|
Long-term insurance reserves
|
|
|
|
|
|
|
||
|
Long-term debt, net of current portion
|
|
|
|
|
|
|
||
|
Operating lease liabilities, non-current
|
|
—
|
|
|
|
|
||
|
Other long-term liabilities
|
|
|
|
|
|
|
||
|
Total liabilities
|
|
|
|
|
|
|
||
|
Commitments and contingencies (Note 15)
|
|
|
|
|
|
|
||
|
Mezzanine equity
|
|
|
|
|
|
|
||
|
Redeemable non-controlling interests
|
|
|
|
|
|
|
||
|
Redeemable convertible preferred stock, $0.00001 par value, 946,246 and zero shares authorized, 903,607 and zero shares issued and outstanding, respectively; aggregate liquidation preference of $14 and $0, respectively
|
|
|
|
|
|
|
||
|
Equity (deficit)
|
|
|
|
|
|
|
||
|
Common stock, $0.00001 par value, 2,696,114 and 5,000,000 shares authorized, 457,189 and 1,703,630 shares issued and outstanding, respectively
|
|
|
|
|
|
|
||
|
Additional paid-in capital
|
|
|
|
|
|
|
||
|
Accumulated other comprehensive loss
|
|
(
|
)
|
|
(
|
)
|
||
|
Accumulated deficit
|
|
(
|
)
|
|
(
|
)
|
||
|
Total Uber Technologies, Inc. stockholders' equity (deficit)
|
|
(
|
)
|
|
|
|
||
|
Non-redeemable non-controlling interests
|
|
|
|
|
|
|||
|
Total equity (deficit)
|
(
|
)
|
|
|
||||
|
Total liabilities, mezzanine equity and equity (deficit)
|
|
$
|
|
|
|
$
|
|
|
|
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||
|
|
2018
|
|
2019
|
2018
|
2019
|
|||||||||||
|
Revenue
|
|
$
|
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
||
|
Costs and expenses
|
|
|||||||||||||||
|
Cost of revenue, exclusive of depreciation and amortization shown separately below
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Operations and support
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Sales and marketing
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Research and development
|
|
|
|
|
|
|
|
|
|
|
||||||
|
General and administrative
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Depreciation and amortization
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Total costs and expenses
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Loss from operations
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
|
Interest expense
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
|
Other income (expense), net
|
|
(
|
)
|
|
|
|
|
|
|
|
||||||
|
Income (loss) before income taxes and loss from equity method investment
|
|
(
|
)
|
|
(
|
)
|
|
|
(
|
)
|
||||||
|
Provision for income taxes
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Loss from equity method investment, net of tax
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
|
Net income (loss) including non-controlling interests
|
|
(
|
)
|
|
(
|
)
|
|
|
(
|
)
|
||||||
|
Less: net income (loss) attributable to non-controlling interests, net of tax
|
|
(
|
)
|
|
|
|
(
|
)
|
(
|
)
|
||||||
|
Net income (loss) attributable to Uber Technologies, Inc.
|
|
$
|
(
|
)
|
|
$
|
(
|
)
|
$
|
|
|
$
|
(
|
)
|
||
|
Net income (loss) per share attributable to Uber Technologies, Inc. common stockholders:
|
|
|||||||||||||||
|
Basic
|
|
$
|
(
|
)
|
|
$
|
(
|
)
|
$
|
|
|
$
|
(
|
)
|
||
|
Diluted
|
|
$
|
(
|
)
|
|
$
|
(
|
)
|
$
|
|
|
$
|
(
|
)
|
||
|
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:
|
|
|||||||||||||||
|
Basic
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Diluted
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
|
2018
|
|
2019
|
2018
|
2019
|
||||||||||||
|
Net income (loss) including non-controlling interests
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
|
$
|
(
|
)
|
||||
|
Other comprehensive income (loss), net of tax:
|
||||||||||||||||
|
Change in foreign currency translation adjustment
|
(
|
)
|
(
|
)
|
(
|
)
|
|
|
||||||||
|
Change in unrealized gain (loss) on investments in available-for-sale securities
|
|
|
(
|
)
|
|
|
|
|
||||||||
|
Other comprehensive income (loss), net of tax
|
(
|
)
|
(
|
)
|
(
|
)
|
|
|
||||||||
|
Comprehensive income (loss) including non-controlling interests
|
(
|
)
|
(
|
)
|
|
|
(
|
)
|
||||||||
|
Less: comprehensive income (loss) attributable to non-controlling interests
|
(
|
)
|
|
|
(
|
)
|
(
|
)
|
||||||||
|
Comprehensive income (loss) attributable to Uber Technologies, Inc.
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
|
$
|
(
|
)
|
||||
|
Redeemable Non-Controlling Interest
|
Redeemable Convertible Preferred Stock
|
Common Stock
|
Additional Paid-In Capital
|
Accumulated Other Comprehensive Loss
|
Accumulated Deficit
|
Total Deficit
|
|||||||||||||||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||||||||||||||||||||||||
|
Balance as of December 31, 2017
|
$
|
|
|
|
|
$
|
|
|
|
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
||||||||||
|
Issuance of Series G redeemable convertible preferred stock, net of issuance costs
|
—
|
|
|
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||||||||||||
|
Exercise of common stock warrants
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||
|
Repurchase of outstanding shares
|
—
|
|
—
|
|
—
|
|
(
|
)
|
—
|
|
—
|
|
—
|
|
|
|
|
|
|||||||||||||||||
|
Issuance of common stock from stock option exercise and restricted stock awards
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||
|
Repurchase of unvested early-exercised stock options
|
—
|
|
—
|
|
—
|
|
(
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||
|
Reclassification of early-exercised stock options from liability, net
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||
|
Stock-based compensation
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||
|
Issuance and repayment of employee loans collateralized by outstanding common stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||
|
Issuance of common stock as consideration for investment and acquisition
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||
|
Foreign currency translation adjustment
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(
|
)
|
—
|
|
(
|
)
|
|||||||||||||||||
|
Net income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|
|
|||||||||||||||||
|
Balance as of March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||||||||
|
Repurchase of Series G redeemable convertible preferred stock from Didi
|
—
|
|
(
|
)
|
(
|
)
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||
|
Repurchase of outstanding shares
|
—
|
|
(
|
)
|
|
|
(
|
)
|
—
|
|
—
|
|
—
|
|
|
|
|
|
|||||||||||||||||
|
Exercise of stock options
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||
|
Repurchase of unvested early-exercised stock options
|
—
|
|
—
|
|
—
|
|
(
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||
|
Reclassification of early-exercised stock options from liability, net
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||
|
Stock-based compensation
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||
|
Issuance and repayment of employee loans collateralized by outstanding common stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(
|
)
|
—
|
|
—
|
|
(
|
)
|
|||||||||||||||||
|
Issuance of common stock as consideration for investment and acquisition
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||
|
Unrealized gain on available-for-sale securities, net of tax
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
|
|
|||||||||||||||||
|
Foreign currency translation adjustment
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(
|
)
|
—
|
|
(
|
)
|
|||||||||||||||||
|
Net loss
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||
|
Balance as of June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||||||||
|
Exercise of warrants
|
—
|
|
|
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||
|
Lapsing of repurchase option related to Series E redeemable convertible preferred stock issued to a non-employee service provider
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||
|
Repurchase of outstanding shares
|
—
|
|
—
|
|
—
|
|
(
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||
|
Exercise of stock options
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||
|
Repurchase of unvested early-exercised stock options
|
—
|
|
—
|
|
—
|
|
(
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||
|
Stock-based compensation
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||
|
Issuance and repayment of employee loans collateralized by outstanding common stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||
|
Issuance of non-controlling interest
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(
|
)
|
—
|
|
—
|
|
(
|
)
|
|||||||||||||||||
|
Deferred tax benefit arising from acquisition of non-controlling interest in partnership
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||
|
Unrealized gain on available-for-sale securities, net of tax
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
|
|
|||||||||||||||||
|
Foreign currency translation adjustment
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(
|
)
|
—
|
|
(
|
)
|
|||||||||||||||||
|
Net loss
|
(
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||
|
Balance as of September 30, 2018
|
$
|
|
|
|
|
$
|
|
|
|
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
||||||||||
|
Redeemable Non-Controlling Interest
|
Redeemable Convertible Preferred Stock
|
Common Stock
|
Additional Paid-In Capital
|
Accumulated Other Comprehensive Loss
|
Accumulated Deficit
|
Non-Redeemable Non-Controlling Interests
|
Total Equity (Deficit)
|
||||||||||||||||||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||||||||||||||||||||||||||||
|
Balance as of December 31, 2018
|
$
|
|
|
|
|
$
|
|
|
|
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
|
$
|
(
|
)
|
|||||||||||
|
Cumulative effect of adoption of new accounting standard
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
|
|
|||||||||||||||||||
|
Exercise of warrants
|
—
|
|
|
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||||||||||||||
|
Lapsing of repurchase option related to Series E redeemable convertible preferred stock issued to a non-employee service provider
|
—
|
|
|
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||||||||||||||
|
Repurchase of outstanding shares
|
—
|
|
—
|
|
—
|
|
(
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||||
|
Exercise of stock options
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||||
|
Repurchase of unvested early-exercised stock options
|
—
|
|
—
|
|
—
|
|
(
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||||
|
Stock-based compensation
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||||
|
Unrealized loss on available-for-sale securities, net of tax
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(
|
)
|
—
|
|
—
|
|
(
|
)
|
|||||||||||||||||||
|
Foreign currency translation adjustment
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(
|
)
|
—
|
|
—
|
|
(
|
)
|
|||||||||||||||||||
|
Net loss
|
(
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(
|
)
|
—
|
|
(
|
)
|
|||||||||||||||||||
|
Balance as of March 31, 2019
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
(
|
)
|
|
|
(
|
)
|
|||||||||||||||||||
|
Lapsing of repurchase option related to common stock issued to a non-employee service provider
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||||
|
Conversion of warrant to common stock in connection with initial public offering
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||||
|
Conversion of convertible notes to common stock in connection with initial public offering
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||||
|
Exercise of stock options
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||||
|
Stock-based compensation
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||||
|
Unrealized gain on available-for-sale securities, net of tax
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||||
|
Foreign currency translation adjustment
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||||
|
Issuance of common stock in connection with initial public offering, net of offering costs
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||||
|
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering
|
—
|
|
(
|
)
|
(
|
)
|
|
|
—
|
|
|
|
—
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||||
|
Issuance of common stock related to private placement
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||||
|
Issuance of common stock for settlement of RSUs
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||||
|
Shares withheld related to net share settlement
|
—
|
|
—
|
|
—
|
|
(
|
)
|
—
|
|
(
|
)
|
—
|
|
—
|
|
—
|
|
(
|
)
|
|||||||||||||||||||
|
Net loss
|
(
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(
|
)
|
—
|
|
(
|
)
|
|||||||||||||||||||
|
Balance as of June 30, 2019
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
(
|
)
|
|
|
|
|
|||||||||||||||||||
|
Lapsing of repurchase option related to common stock issued to a non-employee service provider
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||||
|
Exercise of stock options
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||||
|
Stock-based compensation
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||||
|
Reclassification of share-based award liability to additional paid-in capital
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||||
|
Issuance and repayment of employee loans collateralized by outstanding common stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||||
|
Issuance of common stock as consideration for investment and acquisition
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||||
|
Issuance of common stock for settlement of RSUs
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|||||||||||||||||||
|
Shares withheld related to net share settlement
|
—
|
|
—
|
|
—
|
|
(
|
)
|
—
|
|
(
|
)
|
—
|
|
—
|
|
—
|
|
(
|
)
|
|||||||||||||||||||
|
Issuance of non-controlling interests
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|
|
|||||||||||||||||||
|
Unrealized loss on available-for-sale securities, net of tax
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(
|
)
|
—
|
|
—
|
|
(
|
)
|
|||||||||||||||||||
|
Foreign currency translation adjustment
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(
|
)
|
—
|
|
—
|
|
(
|
)
|
|||||||||||||||||||
|
Net income (loss)
|
(
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(
|
)
|
|
|
(
|
)
|
|||||||||||||||||||
|
Balance as of September 30, 2019
|
$
|
|
|
|
|
$
|
|
|
|
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
|
$
|
|
|
|||||||||||
|
|
|
Nine Months Ended September 30,
|
||||||
|
|
|
2018
|
|
2019
|
||||
|
Cash flows from operating activities
|
|
|
|
|
|
|
||
|
Net income (loss) including non-controlling interests
|
|
$
|
|
|
|
$
|
(
|
)
|
|
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
|
|
|
|
|
|
||
|
Depreciation and amortization
|
|
|
|
|
|
|
||
|
Bad debt expense
|
|
|
|
|
|
|
||
|
Stock-based compensation
|
|
|
|
|
|
|
||
|
Gain on extinguishment of convertible notes and settlement of derivatives
|
|
|
(
|
)
|
||||
|
Gain on business divestitures
|
|
(
|
)
|
|
|
|
||
|
Deferred income tax
|
|
|
|
|
(
|
)
|
||
|
Revaluation of derivative liabilities
|
|
|
|
|
(
|
)
|
||
|
Accretion of discount on long-term debt
|
|
|
|
|
|
|
||
|
Payment-in-kind interest
|
|
|
|
|
|
|
||
|
Loss on disposal of property and equipment
|
|
|
|
|
|
|
||
|
Impairment on long-lived assets held for sale
|
|
|
|
|
|
|
||
|
Loss from equity method investment
|
|
|
|
|
|
|
||
|
Gain on debt and equity securities, net
|
|
(
|
)
|
|
(
|
)
|
||
|
Non-cash deferred revenue
|
|
|
|
|
(
|
)
|
||
|
Gain on forfeiture of unvested warrants and related share repurchases
|
|
(
|
)
|
|
|
|
||
|
Unrealized foreign currency transactions
|
|
|
|
|
(
|
)
|
||
|
Other
|
|
|
|
|
|
|
||
|
Change in operating assets and liabilities, net of impact of business acquisitions and disposals:
|
|
|
|
|
|
|
||
|
Accounts receivable
|
|
(
|
)
|
|
(
|
)
|
||
|
Prepaid expenses and other assets
|
|
(
|
)
|
|
(
|
)
|
||
|
Operating lease right-of-use assets
|
|
|
|
|
|
|||
|
Accounts payable
|
|
(
|
)
|
|
(
|
)
|
||
|
Accrued insurance reserve
|
|
|
|
|
|
|
||
|
Accrued expenses and other liabilities
|
|
|
|
|
|
|
||
|
Operating lease liabilities
|
|
|
|
(
|
)
|
|||
|
Net cash used in operating activities
|
|
(
|
)
|
|
(
|
)
|
||
|
Cash flows from investing activities
|
|
|
|
|
|
|
||
|
Proceeds from insurance reimbursement, sale and disposal of property and equipment
|
|
|
|
|
|
|
||
|
Purchase of property and equipment
|
|
(
|
)
|
|
(
|
)
|
||
|
Purchase of equity method investments
|
|
(
|
)
|
|
|
|
||
|
Investments in debt securities
|
(
|
)
|
|
|
||||
|
Proceeds from business disposal, net of cash divested
|
|
|
|
|
|
|
||
|
Acquisition of businesses, net of cash acquired
|
(
|
)
|
(
|
)
|
||||
|
Net cash used in investing activities
|
|
(
|
)
|
|
(
|
)
|
||
|
Cash flows from financing activities
|
|
|
|
|
|
|
||
|
Proceeds from issuance of common stock upon initial public offering, net of offering costs
|
|
|
|
|
||||
|
Taxes paid related to net share settlement of equity awards
|
|
|
(
|
)
|
||||
|
Proceeds from issuance of common stock related to private placement
|
|
|
|
|
||||
|
Proceeds from issuance of subsidiary preferred stock units
|
|
|
|
|
||||
|
Proceeds from exercise of stock options, net of repurchases
|
|
|
|
|
|
|
||
|
Repurchase of outstanding shares
|
|
(
|
)
|
|
|
|
||
|
Issuance of term loan and senior notes, net of issuance costs
|
|
|
|
|
||||
|
Principal repayment on term loan
|
|
(
|
)
|
|
(
|
)
|
||
|
Principal repayment on revolving lines of credit
|
|
(
|
)
|
|
|
|
||
|
Principal payments on capital and finance leases
|
|
(
|
)
|
|
(
|
)
|
||
|
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs
|
|
|
|
|
|
|
||
|
Dissolution of joint venture and subsequent proceeds
|
|
|
|
|
|
|
||
|
Other
|
|
(
|
)
|
|
|
|
||
|
Net cash provided by financing activities
|
|
|
|
|
|
|
||
|
Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents
|
|
(
|
)
|
|
(
|
)
|
||
|
Net increase in cash and cash equivalents, and restricted cash and cash equivalents
|
|
|
|
|
|
|
||
|
Cash and cash equivalents, and restricted cash and cash equivalents
|
|
|
|
|
|
|
||
|
Beginning of period
|
|
|
|
|
|
|
||
|
Reclassification from assets held for sale during the period
|
|
|
|
|
|
|
||
|
End of period, excluding cash classified within assets held for sale
|
|
$
|
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
||
|
Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents to the condensed consolidated balance sheets
|
|
|
|
|
|
|
||
|
Cash and cash equivalents
|
|
$
|
|
|
|
$
|
|
|
|
Restricted cash and cash equivalents-current
|
|
|
|
|
|
|
||
|
Restricted cash and cash equivalents-non-current
|
|
|
|
|
|
|
||
|
Total cash and cash equivalents, and restricted cash and cash equivalents
|
|
$
|
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
||
|
Supplemental disclosures of cash flow information
|
|
|
|
|
|
|
||
|
Cash paid for:
|
|
|
|
|
|
|
||
|
Interest, net of amount capitalized
|
|
$
|
|
|
|
$
|
|
|
|
Income taxes, net of refunds
|
|
|
|
|
|
|
||
|
Non-cash investing and financing activities:
|
|
|
|
|
|
|
||
|
Conversion of redeemable convertible preferred stock to common stock upon initial public offering
|
|
|
|
|
|
|||
|
Conversion of convertible notes to common stock upon initial public offering
|
|
|
|
|
|
|
||
|
Changes in purchases of property, equipment and software recorded in accounts payable and accrued liabilities
|
(
|
)
|
|
|
||||
|
Financed construction projects
|
|
|
|
|
|
|
||
|
Capital and finance lease obligations
|
|
|
|
|
||||
|
Settlement of litigation through issuance of redeemable convertible preferred stock
|
|
|
|
|
||||
|
Common stock issued in connection with acquisitions
|
|
|
|
|
||||
|
Ownership interest in MLU B.V. received in connection with the disposition of Uber Russia/CIS operations
|
|
|
|
|
||||
|
Grab debt security received in exchange for the sale of Southeast Asia operations
|
|
|
|
|
||||
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
|
2018
|
2019
|
2018
|
2019
|
|||||||||||||
|
Rides revenue
|
$
|
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
|||
|
Vehicle Solutions revenue
(1)
|
|
|
|
|
|
|
|
|
|
|||||||
|
Other revenue
|
|
|
|
|
|
|
|
|
|
|||||||
|
Total Rides revenue
|
|
|
|
|
|
|
|
|
||||||||
|
Eats revenue
|
|
|
|
|
|
|
|
|
||||||||
|
Freight revenue
|
|
|
|
|
|
|
|
|
||||||||
|
Other Bets revenue
|
|
|
|
|
|
|
|
|
||||||||
|
ATG and Other Technology Programs collaboration revenue
(2)
|
|
|
|
|
|
|
|
|
||||||||
|
Total revenue
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
||||
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
|
2018
|
|
2019
|
2018
|
2019
|
||||||||||||
|
United States and Canada
|
$
|
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
|||
|
Latin America ("LATAM")
|
|
|
|
|
|
|
|
|
|
|||||||
|
Europe, Middle East and Africa ("EMEA")
|
|
|
|
|
|
|
|
|
|
|||||||
|
Asia Pacific ("APAC")
(1)
|
|
|
|
|
|
|
|
|
|
|||||||
|
Total revenue
|
$
|
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
|||
|
Less Than or
Equal To 12 Months |
Greater Than
12 Months |
Total
|
||||||||||
|
As of September 30, 2019
|
$
|
|
|
$
|
|
|
$
|
|
|
|||
|
As of
|
||||||||
|
December 31, 2018
|
September 30, 2019
|
|||||||
|
Classified as cash and cash equivalents:
|
||||||||
|
Marketable equity securities:
|
||||||||
|
Money market funds
|
$
|
|
|
$
|
|
|
||
|
Classified as restricted cash and cash equivalents
|
||||||||
|
Marketable equity securities:
|
||||||||
|
Money market funds
|
$
|
|
|
$
|
|
|
||
|
Classified as investments:
|
||||||||
|
Non-marketable equity securities:
|
||||||||
|
Didi
|
$
|
|
|
$
|
|
|
||
|
Other
|
|
|
|
|
||||
|
Debt securities:
|
||||||||
|
Grab
(1)
|
|
|
|
|
||||
|
Other
(2)
|
|
|
|
|
||||
|
Investments
|
$
|
|
|
$
|
|
|
||
|
|
As of December 31, 2018
|
As of September 30, 2019
|
|||||||||||||
|
|
Amortized Cost
|
Fair Value
|
Amortized Cost
|
Fair Value
|
|||||||||||
|
Within one year
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
|||
|
One year through five years
|
|
|
|
|
|
|
|
|
|||||||
|
Total
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
|||
|
Level 1
|
Observable inputs such as quoted prices in active markets for identical assets or liabilities.
|
|
Level 2
|
Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active or inputs other than the quoted prices that are observable either directly or indirectly for the full term of the assets or liabilities.
|
|
Level 3
|
Unobservable inputs in which there is little or no market data and that are significant to the fair value of the assets or liabilities.
|
|
As of December 31, 2018
|
As of September 30, 2019
|
||||||||||||||||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||||||||||||
|
Financial Assets
|
|||||||||||||||||||||||||||||||
|
Cash and cash equivalents:
|
|||||||||||||||||||||||||||||||
|
Money market funds
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
|||||||
|
Restricted cash and cash equivalents:
|
|||||||||||||||||||||||||||||||
|
Money market funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Investments:
|
|||||||||||||||||||||||||||||||
|
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Non-marketable equity securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Total financial assets
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
|||||||
|
Financial Liabilities
|
|||||||||||||||||||||||||||||||
|
Accrued and other current liabilities:
|
|||||||||||||||||||||||||||||||
|
Other
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
|||||||
|
Other long-term liabilities:
|
|||||||||||||||||||||||||||||||
|
Warrants
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Embedded derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Total financial liabilities
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
|||||||
|
|
As of December 31, 2018
|
As of September 30, 2019
|
|||||||||||||||||||||||||||||
|
|
Amortized Cost
|
Unrealized Gains
|
Unrealized Losses
|
Fair Value
|
Amortized Cost
|
Unrealized Gains
|
Unrealized Losses
|
Fair Value
|
|||||||||||||||||||||||
|
Investments:
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
Debt securities
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
|||||||
|
Total
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
|||||||
|
Fair value method
|
Relative weighting
|
Key unobservable input
|
||||
|
Financing transactions
|
|
Transaction price per share
|
$
|
|||
|
Debt Securities
|
Non-marketable Equity Security
|
|||||||
|
Balance as of December 31, 2018
|
$
|
|
|
$
|
|
|
||
|
Total net gains (losses)
|
||||||||
|
Included in earnings
|
(
|
)
|
(
|
)
|
||||
|
Included in other comprehensive income (loss)
|
|
|
|
|
||||
|
Purchases
(1)
|
|
|
|
|
||||
|
Transfers
(2)
|
|
|
|
|
||||
|
Balance as of September 30, 2019
|
$
|
|
|
$
|
|
|
||
|
Warrants
|
Convertible Debt Embedded Derivative
|
|||||||
|
Balance as of December 31, 2018
|
$
|
|
|
$
|
|
|
||
|
Vesting of share warrants
|
|
|
|
|
||||
|
Exercise of vested share warrants
|
(
|
)
|
|
|
||||
|
Change in fair value
|
|
|
(
|
)
|
||||
|
Settlement of derivative liability
|
|
|
(
|
)
|
||||
|
Balance as of September 30, 2019
|
$
|
|
|
$
|
|
|
||
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
|
2018
|
2019
|
2018
|
2019
|
|||||||||||||
|
Upward adjustments
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
||||
|
Downward adjustments (including impairment)
|
|
|
|
|
|
|
|
|
||||||||
|
Total unrealized gain for non-marketable equity securities
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
||||
|
As of
|
||||||||
|
December 31, 2018
|
September 30, 2019
|
|||||||
|
Initial cost basis
|
$
|
|
|
$
|
|
|
||
|
Upward adjustments
|
|
|
|
|
||||
|
Downward adjustments (including impairment)
|
|
|
|
|
||||
|
Total carrying value at the end of the period
|
$
|
|
|
$
|
|
|
||
|
As of
|
||||||||
|
December 31, 2018
|
|
September 30, 2019
|
||||||
|
MLU B.V.
|
$
|
|
|
$
|
|
|
||
|
Mission Bay 3 & 4
(1)
|
|
|
|
|
||||
|
Equity method investments
|
$
|
|
|
$
|
|
|
||
|
As of
|
||||||||
|
December 31, 2018
|
September 30, 2019
|
|||||||
|
Land
|
$
|
|
|
$
|
|
|
||
|
Building and site improvements
|
|
|
|
|
||||
|
Leasehold improvements
|
|
|
|
|
||||
|
Computer equipment
|
|
|
|
|
||||
|
Leased computer equipment
|
|
|
|
|
||||
|
Leased vehicles
|
|
|
|
|
||||
|
Internal-use software
|
|
|
|
|
||||
|
Furniture and fixtures
|
|
|
|
|
||||
|
Dockless e-bikes
|
|
|
|
|
||||
|
Construction in progress
|
|
|
|
|
||||
|
Total
|
|
|
|
|
||||
|
Less: Accumulated depreciation and amortization
|
(
|
)
|
(
|
)
|
||||
|
Property and equipment, net
|
$
|
|
|
$
|
|
|
||
|
Three Months Ended September 30, 2019
|
Nine Months Ended September 30, 2019
|
|||||||
|
Lease cost
|
||||||||
|
Finance lease cost:
|
||||||||
|
Amortization of assets
|
$
|
|
|
$
|
|
|
||
|
Interest of lease liabilities
|
|
|
|
|
||||
|
Operating lease cost
|
|
|
|
|
||||
|
Short-term lease cost
|
|
|
|
|
||||
|
Variable lease cost
|
|
|
|
|
||||
|
Sublease income
|
|
|
(
|
)
|
||||
|
Total lease cost
|
$
|
|
|
$
|
|
|
||
|
Nine Months Ended September 30, 2019
|
||||
|
Other information
|
||||
|
Cash paid for amounts included in the measurement of lease liabilities:
|
||||
|
Operating cash flows from financing leases
|
$
|
|
|
|
|
Operating cash flows from operating leases
|
|
|
||
|
Financing cash flows from financing leases
|
|
|
||
|
Right-of-use assets obtained in exchange for lease obligations:
|
||||
|
Operating lease liabilities
|
$
|
|
|
|
|
Finance lease liabilities
|
|
|
||
|
As of September 30, 2019
|
||||
|
Operating Leases
|
||||
|
Operating lease right-of-use assets
|
$
|
|
|
|
|
Operating lease liability, current
|
|
|
||
|
Operating lease liabilities, non-current
|
|
|
||
|
Total operating lease liabilities
|
$
|
|
|
|
|
As of September 30, 2019
|
||||
|
Finance Leases
|
||||
|
Property and equipment, at cost
|
$
|
|
|
|
|
Accumulated depreciation
|
(
|
)
|
||
|
Property and equipment, net
|
$
|
|
|
|
|
Other current liabilities
|
$
|
|
|
|
|
Other long-term liabilities
|
|
|
||
|
Total finance leases liabilities
|
$
|
|
|
|
|
As of September 30, 2019
|
|||
|
Weighted-average remaining lease term
|
|||
|
Operating leases
|
|
|
|
|
Finance leases
|
|
|
|
|
Weighted-average discount rate
|
|||
|
Operating leases
|
|
%
|
|
|
Finance leases
|
|
%
|
|
|
As of September 30, 2019
|
||||||||
|
Operating Leases
|
Finance Leases
|
|||||||
|
Remainder of 2019
|
$
|
|
|
$
|
|
|
||
|
2020
|
|
|
|
|
||||
|
2021
|
|
|
|
|
||||
|
2022
|
|
|
|
|
||||
|
2023
|
|
|
|
|
||||
|
Thereafter
|
|
|
|
|
||||
|
Total undiscounted lease payments
|
|
|
|
|
||||
|
Less: imputed interest
|
(
|
)
|
(
|
)
|
||||
|
Total lease liabilities
|
$
|
|
|
$
|
|
|
||
|
Future Minimum Payments
|
||||
|
Fiscal Year Ending December 31,
|
||||
|
Remainder of 2019
|
$
|
|
|
|
|
2020
|
|
|
||
|
2021
|
|
|
||
|
2022
|
|
|
||
|
2023
|
|
|
||
|
Thereafter
|
|
|
||
|
Total
|
$
|
|
|
|
|
Previously Reported Core Platform
|
Previously Reported Other Bets
|
Rides
|
Eats
|
Freight
|
Other Bets
|
ATG and Other Technology Programs
|
Total Goodwill
|
|||||||||||||||||||||||||
|
Balance as of December 31, 2018
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
||||||||
|
Reallocation due to change in segments
|
(
|
)
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Acquisitions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Dispositions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Balance as of September 30, 2019
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
||||||||
|
As of
|
|||||||||||
|
December 31, 2018
|
September 30, 2019
|
Effective Interest Rate
|
|||||||||
|
2016 Senior Secured Term Loan
|
$
|
|
|
$
|
|
|
|
%
|
|||
|
2018 Senior Secured Term Loan
|
|
|
|
|
|
%
|
|||||
|
2021 Convertible Notes
|
|
|
|
|
|
%
|
|||||
|
2022 Convertible Notes
|
|
|
|
|
|
%
|
|||||
|
2023 Senior Note
|
|
|
|
|
|
%
|
|||||
|
2026 Senior Note
|
|
|
|
|
|
%
|
|||||
|
2027 Senior Note
|
|
|
|
|
|
%
|
|||||
|
Total debt
|
|
|
|
|
|||||||
|
Less: unamortized discount and issuance costs
|
(
|
)
|
(
|
)
|
|||||||
|
Less: current portion of long-term debt
|
(
|
)
|
(
|
)
|
|||||||
|
Total long-term debt
|
$
|
|
|
$
|
|
|
|||||
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
|
2018
|
2019
|
2018
|
2019
|
|||||||||||||
|
Contractual interest coupon
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
||||
|
Amortization of debt discount and issuance costs
|
|
|
|
|
|
|
|
|
||||||||
|
8% IRR payout
|
|
|
|
|
|
|
|
|
||||||||
|
Total interest expense from long-term debt
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
||||
|
As of December 31, 2018
|
||||
|
Assets held for sale
|
||||
|
Cash and cash equivalents
|
$
|
|
|
|
|
Accounts receivable, net
|
|
|
||
|
Prepaid expenses and other current assets
|
|
|
||
|
Property and equipment, net
|
|
|
||
|
Total assets held for sale
|
|
|
||
|
Liabilities held for sale
|
||||
|
Accounts payable
|
|
|
||
|
Accrued liabilities
|
|
|
||
|
Other current liabilities
|
|
|
||
|
Total liabilities held for sale
|
|
|
||
|
Net assets held for sale
|
$
|
|
|
|
|
As of
|
||||||||
|
December 31, 2018
|
September 30, 2019
|
|||||||
|
Prepaid expenses
|
$
|
|
|
$
|
|
|
||
|
Other receivables
|
|
|
|
|
||||
|
Other
|
|
|
|
|
||||
|
Prepaid expenses and other current assets
|
$
|
|
|
$
|
|
|
||
|
As of
|
||||||||
|
December 31, 2018
|
September 30, 2019
|
|||||||
|
Accrued legal, regulatory and non-income taxes
|
$
|
|
|
$
|
|
|
||
|
Accrued Partner liability
|
|
|
|
|
||||
|
Accrued professional and contractor services
|
|
|
|
|
||||
|
Accrued compensation and employee benefits
|
|
|
|
|
||||
|
Accrued marketing expenses
|
|
|
|
|
||||
|
Other accrued expenses
|
|
|
|
|
||||
|
Income and other tax liabilities
|
|
|
|
|
||||
|
Government and airport fees payable
|
|
|
|
|
||||
|
Short-term finance lease obligation for computer equipment
|
|
|
|
|
||||
|
Other
|
|
|
|
|
||||
|
Accrued and other current liabilities
|
$
|
|
|
$
|
|
|
||
|
As of
|
||||||||
|
December 31, 2018
|
September 30, 2019
|
|||||||
|
Convertible debt embedded derivatives
|
$
|
|
|
$
|
|
|
||
|
Deferred tax liabilities
|
|
|
|
|
||||
|
Financing obligation
|
|
|
|
|
||||
|
Income tax payable
|
|
|
|
|
||||
|
Other
|
|
|
|
|
||||
|
Other long-term liabilities
|
$
|
|
|
$
|
|
|
||
|
Foreign Currency Translation Adjustments
|
Unrealized Gains (Losses) on Available-for-Sale Securities, Net of Tax
|
Total
|
||||||||||
|
Balance as of December 31, 2017
|
$
|
(
|
)
|
$
|
|
|
$
|
(
|
)
|
|||
|
Other comprehensive income (loss) before reclassifications
|
(
|
)
|
|
|
(
|
)
|
||||||
|
Amounts reclassified from accumulated other comprehensive income (loss)
|
|
|
|
|
|
|
||||||
|
Other comprehensive income (loss)
|
(
|
)
|
|
|
(
|
)
|
||||||
|
Balance as of September 30, 2018
|
$
|
(
|
)
|
$
|
|
|
$
|
(
|
)
|
|||
|
Foreign Currency Translation Adjustments
|
Unrealized Gains (Losses) on Available-for-Sale Securities, Net of Tax
|
Total
|
||||||||||
|
Balance as of December 31, 2018
|
$
|
(
|
)
|
$
|
|
|
$
|
(
|
)
|
|||
|
Other comprehensive income (loss) before reclassifications
|
|
|
|
|
|
|
||||||
|
Amounts reclassified from accumulated other comprehensive income (loss)
|
|
|
|
|
|
|
||||||
|
Other comprehensive income (loss)
|
|
|
|
|
|
|
||||||
|
Balance as of September 30, 2019
|
$
|
(
|
)
|
$
|
|
|
$
|
(
|
)
|
|||
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
|
2018
|
2019
|
2018
|
2019
|
|||||||||||||
|
Interest income
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
||||
|
Foreign currency exchange gains (losses), net
|
(
|
)
|
|
|
(
|
)
|
|
|
||||||||
|
Gain on business divestitures
(1)
|
|
|
|
|
|
|
|
|
||||||||
|
Gain (loss) on debt and equity securities, net
(2)
|
|
|
(
|
)
|
|
|
|
|
||||||||
|
Change in fair value of embedded derivatives
|
(
|
)
|
|
|
(
|
)
|
|
|
||||||||
|
Gain on extinguishment of convertible notes and settlement of derivatives
|
|
|
|
|
|
|
|
|
||||||||
|
Other
|
|
|
(
|
)
|
|
|
|
|
||||||||
|
Other income (expense), net
|
$
|
(
|
)
|
$
|
|
|
$
|
|
|
$
|
|
|
||||
|
Number of Shares
|
Weighted-average Grant-Date Fair Value per Share
|
||||||
|
Unvested restricted common stock as of December 31, 2018
|
|
|
$
|
|
|
||
|
Vested
|
(
|
)
|
$
|
|
|
||
|
Canceled and forfeited
|
(
|
)
|
$
|
|
|
||
|
Unvested restricted common stock as of September 30, 2019
|
|
|
$
|
|
|
||
|
SARs Outstanding Number of SARs
|
Options Outstanding Number of Shares
|
Weighted-Average Exercise Price Per Share
|
Weighted-Average Remaining Contractual Life (in years)
|
Aggregate Intrinsic Value
|
||||||||||||
|
As of December 31, 2018
|
|
|
|
|
$
|
|
|
|
$
|
|
|
|||||
|
Granted
|
|
|
|
|
$
|
|
|
|||||||||
|
Exercised
|
|
|
(
|
)
|
$
|
|
|
|||||||||
|
Canceled and forfeited
|
(
|
)
|
(
|
)
|
$
|
|
|
|||||||||
|
As of September 30, 2019
|
|
|
|
|
$
|
|
|
|
$
|
|
|
|||||
|
Vested and expected to vest as of September 30, 2019
|
|
|
|
|
$
|
|
|
|
$
|
|
|
|||||
|
Exercisable as of September 30, 2019
|
|
|
|
|
$
|
|
|
|
$
|
|
|
|||||
|
Number of Shares
|
Weighted-Average
Grant-Date Fair Value per Share |
||||||
|
Unvested and outstanding as of December 31, 2018
|
|
|
$
|
|
|
||
|
Granted
|
|
|
$
|
|
|
||
|
Vested
|
(
|
)
|
$
|
|
|
||
|
Canceled and forfeited
|
(
|
)
|
$
|
|
|
||
|
Unvested and outstanding as of September 30, 2019
|
|
|
$
|
|
|
||
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
|
2018
|
2019
|
2018
|
2019
|
|||||||||||||
|
Operations and support
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
||||
|
Sales and marketing
|
|
|
|
|
|
|
|
|
||||||||
|
Research and development
|
|
|
|
|
|
|
|
|
||||||||
|
General and administrative
|
|
|
|
|
|
|
|
|
||||||||
|
Total
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
||||
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
|
2018
|
2019
|
2018
|
2019
|
|||||||||||||
|
Basic net income (loss) per share:
|
||||||||||||||||
|
Numerator
|
||||||||||||||||
|
Net income (loss) including non-controlling interests
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
|
$
|
(
|
)
|
||||
|
Less: net income (loss) attributable to non-controlling interests, net of tax
|
|
|
(
|
)
|
|
|
|
|
||||||||
|
Less: noncumulative dividends to preferred stockholders
|
|
|
|
|
(
|
)
|
|
|
||||||||
|
Less: undistributed earnings to participating securities
|
|
|
|
|
(
|
)
|
|
|
||||||||
|
Net income (loss) attributable to common stockholders
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
|
$
|
(
|
)
|
||||
|
Denominator
|
||||||||||||||||
|
Basic weighted-average common stock outstanding
|
|
|
|
|
|
|
|
|
||||||||
|
Basic net income (loss) per share attributable to common stockholders
(1)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
|
$
|
(
|
)
|
||||
|
Diluted net income (loss) per share:
|
||||||||||||||||
|
Numerator
|
||||||||||||||||
|
Net income (loss) attributable to common stockholders
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
|
$
|
(
|
)
|
||||
|
Add: Change in fair value of MLU B.V. put/call feature
|
|
|
|
|
(
|
)
|
|
|
||||||||
|
Diluted net income (loss) attributable to common stockholders
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
|
$
|
(
|
)
|
||||
|
Denominator
|
||||||||||||||||
|
Number of shares used in basic net income (loss) per share computation
|
|
|
|
|
|
|
|
|
||||||||
|
Weighted-average effect of potentially dilutive securities:
|
||||||||||||||||
|
Common stock subject to a put/call feature
|
|
|
|
|
|
|
|
|
||||||||
|
Stock options
|
|
|
|
|
|
|
|
|
||||||||
|
RSUs to settle fixed monetary awards
|
|
|
|
|
|
|
|
|
||||||||
|
Other
|
|
|
|
|
|
|
|
|
||||||||
|
Diluted weighted-average common stock outstanding
|
|
|
|
|
|
|
|
|
||||||||
|
Diluted net income (loss) per share attributable to common stockholders
(1)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
|
$
|
(
|
)
|
||||
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||
|
2018
|
2019
|
2018
|
|
2019
|
||||||||
|
Redeemable convertible preferred stock
|
|
|
|
|
|
|
|
|
||||
|
Convertible notes
|
|
|
|
|
|
|
|
|
||||
|
Stock options
|
|
|
|
|
|
|
|
|
||||
|
Restricted common stock with performance condition
|
|
|
|
|
|
|
|
|
||||
|
Common stock subject to repurchase
|
|
|
|
|
|
|
|
|
||||
|
Warrants to purchase redeemable convertible preferred stock
|
|
|
|
|
|
|
|
|
||||
|
SARs
|
|
|
|
|
|
|
|
|
||||
|
RSUs to settle fixed monetary awards
|
|
|
|
|
|
|
|
|
||||
|
RSUs
|
|
|
|
|
|
|
|
|
||||
|
Shares committed under ESPP
|
|
|
|
|
|
|
|
|
||||
|
Shares in escrow
|
|
|
|
|
|
|
|
|
||||
|
Warrants to purchase common stock
|
|
|
|
|
|
|
|
|
||||
|
Total
|
|
|
|
|
|
|
|
|
||||
|
Segment
|
Description
|
|
|
Rides
|
|
The
Rides products connect consumers with Drivers who provide rides in a variety of vehicles, such as cars, auto rickshaws, motorbikes, minibuses, or taxis. Rides also includes activity related to our Uber for Business ("U4B"), Financial Partnerships, and Vehicle Solutions offerings.
|
|
|
|
|
|
Eats
|
|
The Eats offering allows consumers to search for and discover local restaurants, order a meal, and either pick-up at the restaurant or have the meal delivered.
|
|
|
|
|
|
Freight
|
|
Freight connects carriers with shippers on the Company’s platform, and gives carriers upfront, transparent pricing and the ability to book a shipment.
|
|
|
|
|
|
Other Bets
|
|
The Other Bets segment consists of multiple investment stage offerings. The largest investment within the segment is the Company’s New Mobility offering that refers to products that provide consumers with access to rides through a variety of modes, including dockless e-bikes and e-scooters. It also includes Transit, UberWorks and the Company’s Incubator group.
|
|
|
|
|
|
ATG and Other Technology Programs
|
|
The ATG and Other Technology Programs segment is responsible for the development and commercialization of autonomous vehicle and ridesharing technologies, as well as Uber Elevate.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||
|
2018
|
|
2019
|
|
2018
|
|
2019
|
||||||||||
|
Segment adjusted EBITDA:
|
||||||||||||||||
|
Rides
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
|
Eats
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|||||
|
Freight
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|||||
|
Other Bets
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|||||
|
ATG and Other Technology Programs
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|||||
|
Total segment adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|||||
|
Reconciling items:
|
||||||||||||||||
|
Corporate G&A and Platform R&D
(1), (2)
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|||||
|
Depreciation and amortization
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|||||
|
Stock-based compensation expense
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|||||
|
Legal, tax, and regulatory reserve changes and settlements
|
(
|
)
|
|
|
|
|
(
|
)
|
|
(
|
)
|
|||||
|
Driver appreciation award
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|||||
|
Payroll tax on IPO stock-based compensation
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|||||
|
Asset impairment/loss on sale of assets
|
(
|
)
|
|
|
|
|
(
|
)
|
|
(
|
)
|
|||||
|
Acquisition and financing related expenses
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|||||
|
Gain on restructuring of lease arrangement
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Impact of 2018 Divested Operations
(1), (3)
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
|
|||||
|
Restructuring charges
|
|
|
(
|
)
|
|
|
(
|
)
|
||||||||
|
Loss from operations
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
|
2018
|
2019
|
2018
|
2019
|
|||||||||||||
|
United States
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
||||
|
Brazil
|
|
|
|
|
|
|
|
|
||||||||
|
All other countries
|
|
|
|
|
|
|
|
|
||||||||
|
Total revenue
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
||||
|
As of
|
||||||||
|
December 31, 2018
|
September 30, 2019
|
|||||||
|
Investment
|
$
|
|
|
$
|
|
|
||
|
Additional cash contribution
|
|
|
|
|
||||
|
Limited guarantee
|
|
|
|
|
||||
|
Maximum exposure to loss
|
$
|
|
|
$
|
|
|
||
|
Three Months Ended September 30,
|
||||||||||||||
|
(in millions, except percentages)
|
2018
|
2019
|
% Change
|
% Change
(Constant Currency (1) ) |
||||||||||
|
Monthly Active Platform Consumers (“MAPCs”)
(2)
|
82
|
|
103
|
|
26
|
%
|
||||||||
|
Trips
(2)
|
1,348
|
|
1,770
|
|
31
|
%
|
||||||||
|
Gross Bookings
(2)
|
$
|
12,725
|
|
$
|
16,465
|
|
29
|
%
|
32
|
%
|
||||
|
Revenue
|
$
|
2,944
|
|
$
|
3,813
|
|
30
|
%
|
31
|
%
|
||||
|
Adjusted Net Revenue
(1), (2)
|
$
|
2,656
|
|
$
|
3,533
|
|
33
|
%
|
35
|
%
|
||||
|
Net loss attributable to Uber Technologies, Inc.
|
$
|
(986
|
)
|
$
|
(1,162
|
)
|
(18
|
)%
|
||||||
|
Adjusted EBITDA
(1), (2)
|
$
|
(458
|
)
|
$
|
(585
|
)
|
(28
|
)%
|
||||||
|
•
|
a guaranteed minimum earnings standard for Drivers;
|
|
•
|
occupational/accident insurance for injury protection;
|
|
•
|
healthcare subsidies; and
|
|
•
|
protection against discrimination and harassment.
|
|
Q1
2018 |
|
Q2
2018 |
|
Q3
2018 |
|
Q4
2018 |
|
Q1
2019 |
|
Q2
2019 |
|
Q3
2019 |
|
|||||||||||||||
|
Rides
|
$
|
9,380
|
|
$
|
10,166
|
|
$
|
10,488
|
|
$
|
11,479
|
|
$
|
11,446
|
|
$
|
12,188
|
|
$
|
12,554
|
|
|||||||
|
Eats
|
1,473
|
|
1,774
|
|
2,111
|
|
2,561
|
|
3,071
|
|
3,386
|
|
3,658
|
|
||||||||||||||
|
Freight
|
40
|
|
70
|
|
123
|
|
126
|
|
128
|
|
167
|
|
223
|
|
||||||||||||||
|
Other Bets
|
—
|
|
2
|
|
3
|
|
3
|
|
4
|
|
15
|
|
30
|
|
||||||||||||||
|
|
|
Three Months Ended September 30,
|
|
|
|
Nine Months Ended September 30,
|
|
|
||||||||||||||
|
(in millions, except percentages)
|
|
2018
|
|
2019
|
|
% Change
|
|
2018
|
|
2019
|
|
% Change
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Adjusted Net Revenue
|
|
$
|
2,656
|
|
|
$
|
3,533
|
|
|
33
|
%
|
|
$
|
7,653
|
|
|
$
|
9,167
|
|
|
20
|
%
|
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||||||||
|
(in millions, except percentages)
|
2018
|
2019
|
% Change
|
2018
|
2019
|
% Change
|
||||||||||||||||
|
Adjusted EBITDA
|
$
|
(458
|
)
|
$
|
(585
|
)
|
(28
|
)%
|
$
|
(1,030
|
)
|
$
|
(2,110
|
)
|
(105
|
)%
|
||||||
|
•
|
Interest income, which consists primarily of interest earned on our cash and cash equivalents and restricted cash and cash equivalents.
|
|
•
|
Gain on business divestitures, which consists of gain on sale of divested operations.
|
|
•
|
Gain (loss) on debt and equity securities, net, which consists primarily of gains from fair value adjustments relating to our investments such as our investment in Didi.
|
|
•
|
Foreign currency exchange gains (losses), net, which consist primarily of remeasurement of transactions and monetary assets and liabilities denominated in currencies other than the functional currency at the end of the period.
|
|
•
|
Change in fair value of embedded derivatives, which consists primarily of gains and losses on embedded derivatives related to our Convertible Notes until their extinguishment in connection with our IPO.
|
|
•
|
Gain on extinguishment of convertible notes and settlement of derivative.
|
|
•
|
Other, which consists primarily of changes in the fair value of warrants and income from forfeitures of warrants.
|
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
|
2018
|
|
2019
|
2018
|
2019
|
||||||||||||
|
Revenue
|
$
|
2,944
|
|
$
|
3,813
|
|
$
|
8,296
|
|
$
|
10,078
|
|
||||
|
Costs and expenses:
|
||||||||||||||||
|
Cost of revenue, exclusive of depreciation and amortization shown separately below
|
1,510
|
|
1,860
|
|
4,008
|
|
5,281
|
|
||||||||
|
Operations and support
|
387
|
|
498
|
|
1,108
|
|
1,796
|
|
||||||||
|
Sales and marketing
|
785
|
|
1,113
|
|
2,177
|
|
3,375
|
|
||||||||
|
Research and development
|
434
|
|
755
|
|
1,139
|
|
4,228
|
|
||||||||
|
General and administrative
|
460
|
|
591
|
|
1,527
|
|
2,652
|
|
||||||||
|
Depreciation and amortization
|
131
|
|
102
|
|
317
|
|
371
|
|
||||||||
|
Total costs and expenses
|
3,707
|
|
4,919
|
|
10,276
|
|
17,703
|
|
||||||||
|
Loss from operations
|
(763
|
)
|
(1,106
|
)
|
(1,980
|
)
|
(7,625
|
)
|
||||||||
|
Interest expense
|
(161
|
)
|
(90
|
)
|
(453
|
)
|
(458
|
)
|
||||||||
|
Other income (expense), net
|
(54
|
)
|
49
|
|
4,946
|
|
707
|
|
||||||||
|
Income (loss) before income taxes and loss from equity method investment
|
(978
|
)
|
(1,147
|
)
|
2,513
|
|
(7,376
|
)
|
||||||||
|
Provision for income taxes
|
1
|
|
3
|
|
605
|
|
20
|
|
||||||||
|
Loss from equity method investment, net of tax
|
(15
|
)
|
(9
|
)
|
(32
|
)
|
(25
|
)
|
||||||||
|
Net income (loss) including non-controlling interests
|
(994
|
)
|
(1,159
|
)
|
1,876
|
|
(7,421
|
)
|
||||||||
|
Less: net income (loss) attributable to non-controlling interests, net of tax
|
(8
|
)
|
3
|
|
(8
|
)
|
(11
|
)
|
||||||||
|
Net income (loss) attributable to Uber Technologies, Inc.
|
$
|
(986
|
)
|
$
|
(1,162
|
)
|
$
|
1,884
|
|
$
|
(7,410
|
)
|
||||
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||
|
2018
|
2019
|
2018
|
2019
|
|||||||||
|
Revenue
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
||||
|
Costs and expenses:
|
||||||||||||
|
Cost of revenue, exclusive of depreciation and amortization shown separately below
|
51
|
%
|
49
|
%
|
48
|
%
|
52
|
%
|
||||
|
Operations and support
|
13
|
%
|
13
|
%
|
13
|
%
|
18
|
%
|
||||
|
Sales and marketing
|
27
|
%
|
29
|
%
|
26
|
%
|
33
|
%
|
||||
|
Research and development
|
15
|
%
|
20
|
%
|
14
|
%
|
42
|
%
|
||||
|
General and administrative
|
16
|
%
|
15
|
%
|
18
|
%
|
26
|
%
|
||||
|
Depreciation and amortization
|
4
|
%
|
3
|
%
|
4
|
%
|
4
|
%
|
||||
|
Total costs and expenses
(1)
|
126
|
%
|
129
|
%
|
124
|
%
|
176
|
%
|
||||
|
Loss from operations
|
(26
|
)%
|
(29
|
)%
|
(24
|
)%
|
(76
|
)%
|
||||
|
Interest expense
|
(5
|
)%
|
(2
|
)%
|
(5
|
)%
|
(5
|
)%
|
||||
|
Other income (expense), net
|
(2
|
)%
|
1
|
%
|
60
|
%
|
7
|
%
|
||||
|
Income (loss) before income taxes and loss from equity method investment
(1)
|
(33
|
)%
|
(30
|
)%
|
30
|
%
|
(73
|
)%
|
||||
|
Provision for income taxes
|
—
|
%
|
—
|
%
|
7
|
%
|
—
|
%
|
||||
|
Loss from equity method investment, net of tax
|
(1
|
)%
|
—
|
%
|
—
|
%
|
—
|
%
|
||||
|
Net income (loss) including non-controlling interests
(1)
|
(34
|
)%
|
(30
|
)%
|
23
|
%
|
(74
|
)%
|
||||
|
Less: net income (loss) attributable to non-controlling interests, net of tax
|
—
|
%
|
—
|
%
|
—
|
%
|
—
|
%
|
||||
|
Net income (loss) attributable to Uber Technologies, Inc.
(1)
|
(33
|
)%
|
(30
|
)%
|
23
|
%
|
(74
|
)%
|
||||
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||||||||
|
(in millions, except percentages)
|
2018
|
2019
|
% Change
|
2018
|
2019
|
% Change
|
||||||||||||||||
|
Rides
(1)
|
$
|
2,425
|
|
$
|
2,895
|
|
19
|
%
|
$
|
7,037
|
|
$
|
7,689
|
|
9
|
%
|
||||||
|
Eats
|
394
|
|
645
|
|
64
|
%
|
1,023
|
|
1,776
|
|
74
|
%
|
||||||||||
|
Freight
|
122
|
|
218
|
|
78
|
%
|
231
|
|
512
|
|
122
|
%
|
||||||||||
|
Other Bets
|
3
|
|
38
|
|
**
|
|
5
|
|
84
|
|
**
|
|
||||||||||
|
ATG and Other Technology Programs
(2)
|
—
|
|
17
|
|
**
|
|
—
|
|
17
|
|
**
|
|
||||||||||
|
Total revenue
|
$
|
2,944
|
|
$
|
3,813
|
|
30
|
%
|
$
|
8,296
|
|
$
|
10,078
|
|
21
|
%
|
||||||
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||||||||
|
(in millions, except percentages)
|
2018
|
2019
|
% Change
|
2018
|
2019
|
% Change
|
||||||||||||||||
|
Cost of revenue, exclusive of depreciation and amortization
|
$
|
1,510
|
|
$
|
1,860
|
|
23
|
%
|
$
|
4,008
|
|
$
|
5,281
|
|
32
|
%
|
||||||
|
Percentage of revenue
|
51
|
%
|
49
|
%
|
48
|
%
|
52
|
%
|
||||||||||||||
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||||||||
|
(in millions, except percentages)
|
2018
|
2019
|
% Change
|
2018
|
2019
|
% Change
|
||||||||||||||||
|
Operations and support
|
$
|
387
|
|
$
|
498
|
|
29
|
%
|
$
|
1,108
|
|
$
|
1,796
|
|
62
|
%
|
||||||
|
Percentage of revenue
|
13
|
%
|
13
|
%
|
13
|
%
|
18
|
%
|
||||||||||||||
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||||||||
|
(in millions, except percentages)
|
2018
|
2019
|
% Change
|
2018
|
2019
|
% Change
|
||||||||||||||||
|
Sales and marketing
|
$
|
785
|
|
$
|
1,113
|
|
42
|
%
|
$
|
2,177
|
|
$
|
3,375
|
|
55
|
%
|
||||||
|
Percentage of revenue
|
27
|
%
|
29
|
%
|
26
|
%
|
33
|
%
|
||||||||||||||
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||||||||
|
(in millions, except percentages)
|
2018
|
2019
|
% Change
|
2018
|
2019
|
% Change
|
||||||||||||||||
|
Research and development
|
$
|
434
|
|
$
|
755
|
|
74
|
%
|
$
|
1,139
|
|
$
|
4,228
|
|
271
|
%
|
||||||
|
Percentage of revenue
|
15
|
%
|
20
|
%
|
14
|
%
|
42
|
%
|
||||||||||||||
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||||||||
|
(in millions, except percentages)
|
2018
|
2019
|
% Change
|
2018
|
2019
|
% Change
|
||||||||||||||||
|
General and Administrative
|
$
|
460
|
|
$
|
591
|
|
28
|
%
|
$
|
1,527
|
|
$
|
2,652
|
|
74
|
%
|
||||||
|
Percentage of revenue
|
16
|
%
|
15
|
%
|
18
|
%
|
26
|
%
|
||||||||||||||
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||||||||
|
(in millions, except percentages)
|
2018
|
2019
|
% Change
|
2018
|
2019
|
% Change
|
||||||||||||||||
|
Depreciation and amortization
|
$
|
131
|
|
$
|
102
|
|
(22
|
)%
|
$
|
317
|
|
$
|
371
|
|
17
|
%
|
||||||
|
Percentage of revenue
|
4
|
%
|
3
|
%
|
4
|
%
|
4
|
%
|
||||||||||||||
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||||||||
|
(in millions, except percentages)
|
2018
|
2019
|
% Change
|
2018
|
2019
|
% Change
|
||||||||||||||||
|
Interest expense
|
$
|
(161
|
)
|
$
|
(90
|
)
|
(44
|
)%
|
$
|
(453
|
)
|
$
|
(458
|
)
|
1
|
%
|
||||||
|
Percentage of revenue
|
(5
|
)%
|
(2
|
)%
|
(5
|
)%
|
(5
|
)%
|
||||||||||||||
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||||||||
|
(in millions, except percentages)
|
2018
|
2019
|
% Change
|
2018
|
2019
|
% Change
|
||||||||||||||||
|
Interest income
|
$
|
27
|
|
$
|
76
|
|
181
|
%
|
$
|
69
|
|
$
|
184
|
|
167
|
%
|
||||||
|
Foreign currency exchange gains (losses), net
|
(18
|
)
|
8
|
|
(144
|
)%
|
(42
|
)
|
—
|
|
(100
|
)%
|
||||||||||
|
Gain on business divestitures
|
7
|
|
—
|
|
(100
|
)%
|
3,208
|
|
—
|
|
(100
|
)%
|
||||||||||
|
Gain (loss) on debt and equity securities, net
|
—
|
|
(13
|
)
|
**
|
|
1,984
|
|
1
|
|
(100
|
)%
|
||||||||||
|
Change in fair value of embedded derivatives
|
(89
|
)
|
—
|
|
(100
|
)%
|
(491
|
)
|
58
|
|
112
|
%
|
||||||||||
|
Gain on extinguishment of convertible notes and settlement of derivatives
|
—
|
|
—
|
|
**
|
|
—
|
|
444
|
|
100
|
%
|
||||||||||
|
Other
|
19
|
|
(22
|
)
|
(216
|
)%
|
218
|
|
20
|
|
(91
|
)%
|
||||||||||
|
Other income (expense), net
|
$
|
(54
|
)
|
$
|
49
|
|
(191
|
)%
|
$
|
4,946
|
|
$
|
707
|
|
(86
|
)%
|
||||||
|
Percentage of revenue
|
(2
|
)%
|
1
|
%
|
60
|
%
|
7
|
%
|
||||||||||||||
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||||||||
|
(in millions, except percentages)
|
2018
|
2019
|
% Change
|
2018
|
2019
|
% Change
|
||||||||||||||||
|
Provision for income taxes
|
$
|
1
|
|
$
|
3
|
|
200
|
%
|
$
|
605
|
|
$
|
20
|
|
(97
|
)%
|
||||||
|
Effective tax rate
|
—
|
%
|
—
|
%
|
24
|
%
|
—
|
%
|
||||||||||||||
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||||||||
|
(in millions, except percentages)
|
2018
|
2019
|
% Change
|
2018
|
2019
|
% Change
|
||||||||||||||||
|
Loss from equity method investment, net of tax
|
$
|
(15
|
)
|
$
|
(9
|
)
|
40
|
%
|
$
|
(32
|
)
|
$
|
(25
|
)
|
22
|
%
|
||||||
|
Percentage of revenue
|
(1
|
)%
|
—
|
%
|
—
|
%
|
—
|
%
|
||||||||||||||
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||||||||
|
(in millions, except percentages)
|
2018
|
2019
|
% Change
|
2018
|
2019
|
% Change
|
||||||||||||||||
|
Rides
(1)
|
$
|
2,340
|
|
$
|
2,868
|
|
23
|
%
|
$
|
6,823
|
|
$
|
7,586
|
|
11
|
%
|
||||||
|
Eats
|
191
|
|
392
|
|
105
|
%
|
594
|
|
968
|
|
63
|
%
|
||||||||||
|
Freight
|
122
|
|
218
|
|
78
|
%
|
231
|
|
512
|
|
122
|
%
|
||||||||||
|
Other Bets
|
3
|
|
38
|
|
**
|
|
5
|
|
84
|
|
**
|
|
||||||||||
|
ATG and Other Technology Programs collaboration revenue
(2)
|
—
|
|
17
|
|
**
|
|
—
|
|
17
|
|
**
|
|
||||||||||
|
Adjusted Net Revenue
|
$
|
2,656
|
|
$
|
3,533
|
|
33
|
%
|
$
|
7,653
|
|
$
|
9,167
|
|
20
|
%
|
||||||
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||||||||
|
(in millions, except percentages)
|
2018
|
|
2019
|
% Change
|
2018
|
2019
|
% Change
|
|||||||||||||||
|
Rides
|
$
|
416
|
|
$
|
631
|
|
52
|
%
|
$
|
1,346
|
|
$
|
1,329
|
|
(1
|
)%
|
||||||
|
Eats
|
(189
|
)
|
(316
|
)
|
(67
|
)%
|
(323
|
)
|
(911
|
)
|
(182
|
)%
|
||||||||||
|
Freight
|
(31
|
)
|
(81
|
)
|
(161
|
)%
|
(79
|
)
|
(162
|
)
|
(105
|
)%
|
||||||||||
|
Other Bets
|
(12
|
)
|
(72
|
)
|
**
|
|
(12
|
)
|
(184
|
)
|
**
|
|
||||||||||
|
ATG and Other Technology Programs
|
(132
|
)
|
(124
|
)
|
6
|
%
|
(432
|
)
|
(369
|
)
|
15
|
%
|
||||||||||
|
Corporate G&A and Platform R&D
(1), (2)
|
(501
|
)
|
(623
|
)
|
(24
|
)%
|
(1,403
|
)
|
(1,813
|
)
|
(29
|
)%
|
||||||||||
|
Impact of 2018 Divested Operations
(1)
|
(9
|
)
|
—
|
|
100
|
%
|
(127
|
)
|
—
|
|
100
|
%
|
||||||||||
|
Adjusted EBITDA
(3)
|
$
|
(458
|
)
|
$
|
(585
|
)
|
(28
|
)%
|
$
|
(1,030
|
)
|
$
|
(2,110
|
)
|
(105
|
)%
|
||||||
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||
|
(in millions)
|
2018
|
2019
|
2018
|
2019
|
||||||||||||
|
Adjusted Net Revenue reconciliation:
|
||||||||||||||||
|
Revenue
|
$
|
2,944
|
|
$
|
3,813
|
|
$
|
8,296
|
|
$
|
10,078
|
|
||||
|
Deduct:
|
|
|||||||||||||||
|
Excess Driver incentives
|
(253
|
)
|
(259
|
)
|
(545
|
)
|
(825
|
)
|
||||||||
|
Driver referrals
|
(35
|
)
|
(21
|
)
|
(98
|
)
|
(86
|
)
|
||||||||
|
Adjusted Net Revenue
|
$
|
2,656
|
|
$
|
3,533
|
|
$
|
7,653
|
|
$
|
9,167
|
|
||||
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||
|
(in millions)
|
2018
|
2019
|
2018
|
2019
|
||||||||||||
|
Rides Adjusted Net Revenue reconciliation:
|
||||||||||||||||
|
Rides revenue
|
$
|
2,425
|
|
$
|
2,895
|
|
$
|
7,037
|
|
$
|
7,689
|
|
||||
|
Deduct:
|
||||||||||||||||
|
Excess Driver incentives
|
(53
|
)
|
(12
|
)
|
(124
|
)
|
(34
|
)
|
||||||||
|
Driver referrals
|
(32
|
)
|
(15
|
)
|
(90
|
)
|
(69
|
)
|
||||||||
|
Rides Adjusted Net Revenue
|
$
|
2,340
|
|
$
|
2,868
|
|
$
|
6,823
|
|
$
|
7,586
|
|
||||
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||
|
(in millions)
|
2018
|
2019
|
2018
|
2019
|
||||||||||||
|
Eats Adjusted Net Revenue reconciliation:
|
||||||||||||||||
|
Eats revenue
|
$
|
394
|
|
$
|
645
|
|
$
|
1,023
|
|
$
|
1,776
|
|
||||
|
Deduct:
|
|
|||||||||||||||
|
Excess Driver incentives
|
(200
|
)
|
(247
|
)
|
(421
|
)
|
(791
|
)
|
||||||||
|
Driver referrals
|
(3
|
)
|
(6
|
)
|
(8
|
)
|
(17
|
)
|
||||||||
|
Eats Adjusted Net Revenue
|
$
|
191
|
|
$
|
392
|
|
$
|
594
|
|
$
|
968
|
|
||||
|
•
|
Adjusted EBITDA excludes certain recurring, non-cash charges, such as depreciation of property and equipment and amortization of intangible assets, and although these are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect all cash capital expenditure requirements for such replacements or for new capital expenditure requirements;
|
|
•
|
Adjusted EBITDA excludes stock-based compensation expense, which has been, and will continue to be for the foreseeable future, a significant recurring expense in our business and an important part of our compensation strategy;
|
|
•
|
Adjusted EBITDA excludes other items not indicative of our ongoing operating performance;
|
|
•
|
Adjusted EBITDA does not reflect period to period changes in taxes, income tax expense or the cash necessary to pay income taxes;
|
|
•
|
Adjusted EBITDA does not reflect the components of other income (expense), net, which includes interest income, foreign currency exchange gains (losses), net, gain on business divestitures, gain (loss) on debt and equity securities, net, and change in fair value of embedded derivatives; and
|
|
•
|
Adjusted EBITDA excludes certain legal, tax, and regulatory reserve changes and settlements that may reduce cash available to us.
|
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
|
(in millions)
|
2018
|
2019
|
2018
|
2019
|
||||||||||||
|
Adjusted EBITDA reconciliation:
|
||||||||||||||||
|
Net income (loss) attributable to Uber Technologies, Inc.
|
$
|
(986
|
)
|
$
|
(1,162
|
)
|
$
|
1,884
|
|
$
|
(7,410
|
)
|
||||
|
Add (deduct):
|
||||||||||||||||
|
Net income (loss) attributable to non-controlling interests, net of tax
|
(8
|
)
|
3
|
|
(8
|
)
|
(11
|
)
|
||||||||
|
Provision for (benefit from) income taxes
|
1
|
|
3
|
|
605
|
|
20
|
|
||||||||
|
(Income) loss from equity method investment, net of tax
|
15
|
|
9
|
|
32
|
|
25
|
|
||||||||
|
Interest expense
|
161
|
|
90
|
|
453
|
|
458
|
|
||||||||
|
Other (income) expense, net
|
54
|
|
(49
|
)
|
(4,946
|
)
|
(707
|
)
|
||||||||
|
Depreciation and amortization
|
131
|
|
102
|
|
317
|
|
371
|
|
||||||||
|
Stock-based compensation expense
|
64
|
|
401
|
|
147
|
|
4,353
|
|
||||||||
|
Legal, tax, and regulatory reserve changes and settlements
|
56
|
|
(27
|
)
|
308
|
|
353
|
|
||||||||
|
Driver appreciation award
|
—
|
|
—
|
|
—
|
|
299
|
|
||||||||
|
Payroll tax on IPO stock-based compensation
|
—
|
|
—
|
|
—
|
|
86
|
|
||||||||
|
Asset impairment/loss on sale of assets
|
54
|
|
—
|
|
167
|
|
8
|
|
||||||||
|
Acquisition and financing related expenses
|
—
|
|
—
|
|
15
|
|
—
|
|
||||||||
|
Gain on restructuring of lease arrangement
|
—
|
|
—
|
|
(4
|
)
|
—
|
|
||||||||
|
Restructuring charges
|
—
|
|
45
|
|
—
|
|
45
|
|
||||||||
|
Adjusted EBITDA
|
$
|
(458
|
)
|
$
|
(585
|
)
|
$
|
(1,030
|
)
|
$
|
(2,110
|
)
|
||||
|
Nine Months Ended September 30,
|
||||||||
|
(In millions)
|
2018
|
2019
|
||||||
|
Net cash used in operating activities
|
$
|
(860
|
)
|
$
|
(2,522
|
)
|
||
|
Net cash used in investing activities
|
(539
|
)
|
(79
|
)
|
||||
|
Net cash provided by financing activities
|
2,163
|
|
9,022
|
|
||||
|
Payments Due by Period
|
||||||||||||||||||||
|
(In millions)
|
Total
|
Remaining 2019
|
2020 - 2021
|
2022 - 2023
|
Thereafter
|
|||||||||||||||
|
Long-term debt
(1)
|
$
|
5,797
|
|
$
|
7
|
|
$
|
54
|
|
$
|
1,620
|
|
$
|
4,116
|
|
|||||
|
Financing obligation
(2)
|
858
|
|
1
|
|
12
|
|
12
|
|
833
|
|
||||||||||
|
Operating lease commitments
(2)
|
3,847
|
|
59
|
|
549
|
|
515
|
|
2,724
|
|
||||||||||
|
Finance lease commitments
(2)
|
292
|
|
37
|
|
236
|
|
19
|
|
—
|
|
||||||||||
|
Non-cancelable purchase obligations
(3)
|
160
|
|
9
|
|
137
|
|
14
|
|
—
|
|
||||||||||
|
Total contractual obligations
|
$
|
10,954
|
|
$
|
113
|
|
$
|
988
|
|
$
|
2,180
|
|
$
|
7,673
|
|
|||||
|
•
|
O’Connor, et al., v. Uber Technologies, Inc., et al and Yucesoy v. Uber Technologies, Inc., et al.
|
|
•
|
Google v. Levandowski; Google v. Levandowski & Ron
|
|
•
|
Criminal Prosecution in Copenhagen
|
|
•
|
Personal Mobility
: Our Personal Mobility offering competes with personal vehicle ownership and usage, which accounts for the majority of passenger miles in the markets that we serve, and traditional transportation services, including taxicab companies and taxi-hailing services, livery services, and public transportation, which typically provides the lowest-cost transportation option in many cities. In Ridesharing, we compete with companies, including certain of our minority-owned affiliates, for Drivers and riders, including Lyft, OLA, Careem, Didi, Bolt (formerly Taxify), and our Yandex.Taxi joint venture. Our New Mobility products compete for riders in the bike and scooter space, including Motivate (an affiliate of Lyft), Lime, Bird, and Skip. We also compete with original equipment manufacturers (“OEMs”) and other technology companies in the development of autonomous vehicle technologies and the deployment of autonomous vehicles, including Waymo, Cruise Automation, Tesla, Apple, Zoox, Aptiv, May Mobility, Pronto.ai, Aurora, and Nuro, whose offerings may prove more effective than our autonomous vehicle technologies. Waymo has already introduced a commercialized ridehailing fleet of autonomous vehicles, and it is possible that our other competitors could introduce autonomous vehicle offerings earlier than we will.
|
|
•
|
Uber Eats
: Our Uber Eats offering competes with numerous companies in the meal delivery space in various regions for Drivers, consumers, and restaurants, including GrubHub, DoorDash, Deliveroo, Swiggy, Postmates, Zomato, Delivery Hero, Just Eat, Takeaway.com, and Amazon. Our Uber Eats offering also competes with restaurants, meal kit delivery services, grocery delivery services, and traditional grocers.
|
|
•
|
Uber Freight
: Our Uber Freight offering competes with global and North American freight brokers such as C.H. Robinson, Total Quality Logistics, XPO Logistics, Convoy, Echo Global Logistics, Coyote, Transfix, DHL, and NEXT Trucking, among others.
|
|
•
|
operational and compliance challenges caused by distance, language, and cultural differences;
|
|
•
|
the resources required to localize our business, which requires the translation of our mobile app and website into foreign languages and the adaptation of our operations to local practices, laws, and regulations and any changes in such practices, laws, and regulations;
|
|
•
|
laws and regulations more restrictive than those in the United States, including laws governing competition, pricing, payment methods, Internet activities, transportation services (such as taxis and vehicles for hire), transportation network companies (such as ridesharing), logistics services, payment processing and payment gateways, real estate tenancy laws, tax and social security laws, employment and labor laws, driver screening and background checks, licensing regulations, email messaging, privacy, location services, collection, use, processing, or sharing of personal information, ownership of intellectual property, and other activities important to our business;
|
|
•
|
competition with companies or other services (such as taxis or vehicles for hire) that understand local markets better than we do, that have pre-existing relationships with potential platform users in those markets, or that are favored by government or regulatory authorities in those markets;
|
|
•
|
differing levels of social acceptance of our brand, products, and offerings;
|
|
•
|
differing levels of technological compatibility with our platform;
|
|
•
|
exposure to business cultures in which improper business practices may be prevalent;
|
|
•
|
legal uncertainty regarding our liability for the actions of platform users and third parties, including uncertainty resulting from unique local laws or a lack of clear legal precedent;
|
|
•
|
difficulties in managing, growing, and staffing international operations, including in countries in which foreign employees may become part of labor unions, employee representative bodies, or collective bargaining agreements, and challenges relating to work stoppages or slowdowns;
|
|
•
|
fluctuations in currency exchange rates;
|
|
•
|
managing operations in markets in which cash transactions are favored over credit or debit cards;
|
|
•
|
regulations governing the control of local currencies that impact our ability to collect fares on behalf of Drivers and remit those funds to Drivers in the same currencies, as well as higher levels of credit risk and payment fraud;
|
|
•
|
adverse tax consequences, including the complexities of foreign value added tax systems, and restrictions on the repatriation of earnings;
|
|
•
|
increased financial accounting and reporting burdens, and complexities associated with implementing and maintaining adequate internal controls;
|
|
•
|
difficulties in implementing and maintaining the financial systems and processes needed to enable compliance across multiple offerings and jurisdictions;
|
|
•
|
import and export restrictions and changes in trade regulation;
|
|
•
|
political, social, and economic instability abroad, terrorist attacks and security concerns in general, and societal crime conditions that can directly impact platform users; and
|
|
•
|
reduced or varied protection for intellectual property rights in some markets.
|
|
•
|
grow supply and demand on our platform;
|
|
•
|
increase existing platform users’ activity on our platform;
|
|
•
|
continue to introduce our platform to new markets;
|
|
•
|
provide high-quality support to Drivers, consumers, restaurants, shippers, and carriers;
|
|
•
|
expand our business and increase our market share and category position;
|
|
•
|
compete with the products and offerings of, and pricing and incentives offered by, our competitors;
|
|
•
|
develop new products, offerings, and technologies;
|
|
•
|
identify and acquire or invest in businesses, products, offerings, or technologies that we believe could complement or expand our platform (including, for example, our pending acquisition of Careem);
|
|
•
|
penetrate suburban and rural areas and increase the number of rides taken on our platform outside metropolitan areas;
|
|
•
|
reduce the costs of our Personal Mobility offering to better compete with personal vehicle ownership and usage and other low-cost alternatives like public transportation, which in many cases can be faster or cheaper than any other form of transportation;
|
|
•
|
maintain existing local regulations in key markets where we operate;
|
|
•
|
enter or expand operations in some of the key countries in which we are currently limited by local regulations, such as Argentina, Germany, Italy, Japan, South Korea, and Spain; and
|
|
•
|
increase positive perception of our brand.
|
|
•
|
the imposition of trade laws or regulations;
|
|
•
|
the imposition of duties, tariffs, and other charges on imports and exports, including with respect to imports and exports of dockless e-bikes and e-scooters from China;
|
|
•
|
disruption in the supply of certain hardware and components from our international suppliers, particularly those in China;
|
|
•
|
foreign currency fluctuations;
|
|
•
|
theft; and
|
|
•
|
restrictions on the transfer of funds.
|
|
•
|
diverting management time and focus from operating our business to acquisition integration;
|
|
•
|
disrupting our ongoing business operations;
|
|
•
|
platform user acceptance of the acquired company’s offerings;
|
|
•
|
implementing or remediating the controls, procedures, and policies of the acquired company;
|
|
•
|
integrating the acquired business onto our systems and ensuring the acquired business meets our financial reporting requirements and timelines;
|
|
•
|
retaining and integrating acquired employees, including aligning incentives between acquired employees and existing employees, as well as managing costs associated with eliminating redundancies or transferring employees on acceptable terms with minimal business disruption;
|
|
•
|
maintaining important business relationships and contracts of the acquired business;
|
|
•
|
liability for pre-acquisition activities of the acquired company;
|
|
•
|
litigation or other claims or liabilities arising in connection with the acquired company;
|
|
•
|
impairment charges associated with goodwill, long-lived assets, investments, and other acquired intangible assets; and
|
|
•
|
other unforeseen operating difficulties and expenditures.
|
|
•
|
actual or anticipated fluctuations in MAPCs, Trips, Adjusted EBITDA, Adjusted Net Revenue, Gross Bookings, revenue, or other operating and financial results;
|
|
•
|
announcements by us or estimates by third parties of actual or anticipated changes in the number of Drivers and consumers on our platform;
|
|
•
|
variations between our actual operating results and the expectations of securities analysts, investors, and the financial community;
|
|
•
|
actions of securities analysts who initiate or maintain coverage of us, changes in financial estimates by any securities analysts who follow our company, or our failure to meet these estimates or the expectations of investors;
|
|
•
|
announcements by us or our competitors of significant products or features, technical innovations, acquisitions, strategic partnerships, joint ventures, or capital commitments;
|
|
•
|
negative media coverage or publicity;
|
|
•
|
changes in operating performance and stock market valuations of technology companies generally, or those in our industry in particular, including our competitors;
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•
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price and volume fluctuations in the overall stock market, including as a result of trends in the economy as a whole;
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•
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lawsuits threatened, filed, or decided against us;
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•
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developments in legislation or regulatory actions, including interim or final rulings by judicial or regulatory bodies (including any competition authorities blocking, delaying, or subjecting our acquisition of Careem to significant limitations or restrictions on our ability to operate in one or more markets, or requiring us to divest our or Careem’s business in one or more markets);
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•
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changes in accounting standards, policies, guidelines, interpretations, or principles;
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|
•
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any major change in our board of directors or management;
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|
•
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any safety incidents or public reports of safety incidents that occur on our platform or in our industry;
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|
•
|
statements, commentary, or opinions by public officials that our product offerings are or may be unlawful, regardless of any interim or final rulings by judicial or regulatory bodies; and
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•
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other events or factors, including those resulting from war, incidents of terrorism, natural disasters, or responses to these events.
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•
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our board of directors has the right to elect directors to fill vacancies created by the expansion of our board of directors or the resignation, death, or removal of a director, which prevents stockholders from being able to fill vacancies on our board of directors;
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•
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advance notice requirements for stockholder proposals, which may reduce the number of stockholder proposals available for stockholder consideration;
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•
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limitations on convening special stockholder meetings, which could make it difficult for our stockholders to adopt desired governance changes;
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•
|
prohibition on cumulative voting in the election of directors, which limits the ability of minority stockholders to elect director candidates; and
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|
•
|
our board of directors is able to issue, without stockholder approval, shares of undesignated preferred stock, which makes it possible for our board of directors to issue preferred stock with voting or other rights or preferences that could impede the success of any attempt to acquire us.
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|
•
|
any derivative action or proceeding brought on our behalf;
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|
•
|
any action asserting a breach of fiduciary duty;
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|
•
|
any action asserting a claim against us or our directors, officers, or employees arising under the Delaware General Corporation Law, our amended and restated certificate of incorporation, or our amended and restated bylaws;
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•
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any action regarding our amended and restated certificate of incorporation or our amended and restated bylaws;
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•
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any action as to which the Delaware General Corporation Law confers jurisdiction to the Court of Chancery of the State of Delaware; and
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•
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any action asserting a claim against us that is governed by the internal-affairs doctrine.
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Exhibit
No.
|
Exhibit Description
|
Incorporated by Reference
|
||||||||
|
Form
|
File Number
|
Exhibit
|
Filing Date
|
|||||||
|
3.1
|
8-K
|
001-38902
|
3.1
|
May 14, 2019
|
||||||
|
3.2
|
8-K
|
001-38902
|
3.2
|
May 14, 2019
|
||||||
|
4.1
|
8-K
|
001-38902
|
4.1
|
September 17, 2019
|
||||||
|
4.2
|
8-K
|
001-38902
|
4.2
|
September 17, 2019
|
||||||
|
31.1
|
||||||||||
|
31.2
|
||||||||||
|
32.1*
|
||||||||||
|
99.1
|
||||||||||
|
101.INS
|
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
|||||||||
|
101.SCH
|
XBRL Taxonomy Extension Schema Document.
|
|||||||||
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|||||||||
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|||||||||
|
101.LAB
|
XBRL Taxonomy Extension Labels Linkbase Document.
|
|||||||||
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|||||||||
|
|
UBER TECHNOLOGIES, INC.
|
|
|
|
|
Date: November 5, 2019
|
By: /s/ Dara Khosrowshahi
|
|
|
Dara Khosrowshahi
|
|
|
Chief Executive Officer and Director
|
|
(Principal Executive Officer)
|
|
|
|
|
|
Date: November 5, 2019
|
By: /s/ Nelson Chai
|
|
|
Nelson Chai
|
|
|
Chief Financial Officer
|
|
(Principal Financial Officer)
|
|